O‘ahu Home Sales Maintain Stable Trend Through First Half of 2024
Single-family home sales rose 6.7% in the first half of 2024, while condo sales fell by 5.8%
HONOLULU – According to resale figures released today by the Honolulu Board of REALTORS®, June saw a modest increase in single-family home sales, up by 4% year-over-year, totaling 258 transactions. However, June condo sales experienced the largest year-over-year decline this year, dropping 24.5% from last year, with 355 units sold. In the first half of the year, single-family home sales grew 6.7% compared to the same period in 2023, while condo sales declined by 5.8%.
Median sales prices for single-family homes and condos increased modestly year-over-year, with single-family homes reaching $1,120,000 and condos ending June at $530,000, up by 6.7% and 3.9%, respectively. Year-to-date, median sales prices saw moderate changes from a year ago. The single-family home year-to-date median price rose by 3.3% to $1,085,000, while condos experienced a 2.0% uptick to $510,000 compared to the previous year.
Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:
“While O‘ahu’s residential real estate market has remained relatively stable through the first half of the year, we saw a significant drop in condo sales last month, which the threat of rising insurance costs may have influenced,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. “As our community seeks opportunities to increase inventory, affordability and housing opportunities for all, buyers and sellers can benefit from working with a trusted REALTOR® who can guide them through the complexities of the real estate market.”
Single-family homes moved swiftly, marked by a median of 15 days on the market, compared to 17 days in June 2023. In contrast, condos took longer to sell, with a median days on market of 26 days, up from 18 days last year.
From January through June, single-family home sales in the $1 million and above range exceeded those from the first six months of 2023, with 794 homes sold year-to-date, a 15.9% uptick from 685 sold over the same period last year. For condos, the $799,999 and below range slumped 31.8% in June, with 275 units sold compared to 403 units the same time last year. Conversely, sales in the $800,000 and above range grew 19.4%, with 80 units sold compared to 67 last year.
Year-to-date, condos sold in the $300,000 to $699,999 range accounted for the largest decline in sales volume, falling 9.9%, while sales in the $800,000 to $899,999 range saw the largest increase, rising 28.6% to 117 units sold compared to 91 last year.
There were 334 new single-family home listings and 622 new listings in the condos market, marking 3.1% and 16.3% year-over-year increases, respectively. Year-to-date, both markets saw new listings rise by 10.5% for single-family homes and 16.8% for condos compared to last year.
Single-family homes under $899,999 comprised only 19% of new listings compared to 30% last June—a 35% decrease from 97 to 63 listings. Buyer activity remained steady, with about 65% of June’s new listings still active by month-end and 35% in contract or sold. Condos between $300,000 and $499,999 constituted a third of June’s new listings, reflecting a 28.3% increase from 166 in June 2023 to 213. However, condo buyer activity slowed, with about 81% of the 622 new listings remaining active by month-end and only 19% in contract or sold, compared to June 2023, when 65% were active and 35% in contract or sold.
Active inventory for single-family home and condo markets modestly grew month-over-month, rising 2.0% and 4.7%, respectively. Compared to a year ago, single-family home inventory increased by 7.9%, totaling 653 properties. The primary growth in active inventory was seen in single-family homes priced at $1,100,000 and above, where listings rose by 21.1% to 442 compared to the previous year. In contrast, condo inventory surged by 49.2% to 1,729 units, driven by increased new listings amid a slight decline in total sales. Active inventory in the $300,000 to $499,999 price range skyrocketed, with listings more than doubling to 556 units, up by 103.7% from the previous year.
Pending sales activity showed mixed results. The single-family home market recorded a 9.5% year-over-year increase in contract signings, totaling 253 for the month compared to 231 last June. In contrast, pending sales for the condo market dropped 7.2%, with 385 units under contract compared to 415 in June 2023.
Media Kit
The information contained in this report is provided to the National Association of REALTORS® and the Hawaiʻi State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow.
The public is encouraged to visit www.hicentral.com to see what’s happening in the housing market. Consumers have the ability to browse O‘ahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to view on Sunday. All searches can be done by geographic location and/or price range, and hicentral.com provides useful information about buying and selling real estate in Hawaii.
About the Honolulu Board of REALTORS®
Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,100 boards of REALTORS® in the nation, and, with more than 6,800 members, is one of the largest trade organizations on O‘ahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry who pledge to adhere to a strict Code of Ethics and Standards of Practice. The Honolulu Board of REALTORS® and its members are committed to serving as housing advocates, community builders and good neighbors. For more information, call (808) 732-3000 or visit www.hicentral.com.
